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Leases
 6 Months Ended
Jun. 30, 2024
Leases  
Leases

(6) Leases

 

The Company had entered into agreements to lease certain office space as well as its former warehouses and distribution centers under operating leases. As of June 30, 2024, the Company’s leased office space has terminated and was not renewed. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less.

 

The components of lease costs were as follows:

 

Schedule of components of lease costs                                
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2024     2023     2024     2023  
Operating lease costs   $ 9,061     $ 40,413     $ 22,512     $ 54,913  
Short-term lease costs     -       8,900       14,050       17,800  
Total lease costs   $ 9,061     $ 49,313     $ 36,562     $ 72,713  

 

The weighted-average remaining lease term and discount rate were as follows:

 

Schedule of weighted average remaining lease term and discount rate                
    Period Ended
June 30,		  
    2024     2023  
Operating leases:                
Weighted average remaining lease term (years)     0.0       0.7  
Weighted average discount rate     0.0 %     3.8 %

 

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

 

Schedule of supplemental cash flow information related to operating leases                
    Six Months Ended
June 30,		  
    2024     2023  
Operating cash flow information:                
Amounts included in measurement of lease liabilities   $ 22,512     $ 82,266  
Non-cash activities:                
ROU asset obtained in exchange for lease liability   $ -     $ -  

 

As of June 30, 2024, the Company does not have future lease payments after its office lease expired in May 2024.